Costa Rican businessman eyes Valencia takeover

The Costa Rican businessman Mario Alvarado Orozco has officially announced his interest in buying Valencia and submitted a "binding, conditional offer" for the club, as he revealed in a press release.

Valencia currently has debts amounting to ¤370 million and has seen work on its new stadium halted for the last three years, with investment of some ¤150 million needed in order for it to be completed. "Our intention is firm, and our desire is to straighten out the club's economic situation and thereby provide it with financial stability for the coming decades", Alvarado's statement reads.

"Our project, which is led by Valencians and, above all, Valencia fans, has been prepared with total discretion and professionalism for the last few months so as to avoid jeopardising the viability of the operation", it continues.

Alvarado also stresses his wish to "reassure Valencian society and especially the Valencia fans about the aims of the project".

The statement then proceeds to outline the project's three key objectives, namely: to relieve the club of economic stress, protect the club's assets and put together a sporting and social project that will herald a new and exciting era for Valencia and its fans.